Amazon teams up with Ripple? AWS shares on its official partner page how Ripple provides global cross-border payment solutions.

Internet giant Amazon, in addition to being famous for online shopping, Amazon Web Services (AWS) is also a new generation market maker product. AWS provides the most comprehensive and secure cloud services, and has become one of the most competitive cloud service providers. And on the AWS website sharing successful partner case studies, the shadow of the blockchain payment solution Ripple (XRP) was found. Amazon mentioned on the webpage how Ripple provides solutions for Financial Institutions.

AWS mentions Ripple's global payment capabilities

AWS web page states: RippleNet is a decentralized global network composed of banks and payment service providers, using Ripple's distributed financial technology to provide real-time messaging, clearing, and settlement for financial transactions. Ripple connects banks, payment service providers, digital asset exchanges, and enterprises through RippleNet to provide a frictionless global remittance experience.

And mentioned: xCurrent, xRapid, xVia three major functions. xCurrent is mainly a cross-border payment software for banks. In practice, it only adds functions within the existing software of the bank, which means that the bank side will not cause greater risks due to the adoption of new technology, including compliance and information security. It can be connected to the bank system through the API interface or the conversion layer of traditional payment message format, which makes the integration of the system only need a few weeks, and this function greatly reduces the settlement cost of cross-border payments.

Emerging market payment service providers typically need to deposit local currency in other countries as collateral, which is known as liquidity cost (idle funds). xRapid uses XRP as liquidity for cross-border payments, providing banks and payment service providers with efficient, scalable, and reliable liquidity options for handling cross-border payments. xVia integrates various cross-border payment functions of Ripple into a single interface, supporting users to remit globally, transparently understand payment status, and attach invoices and other information.

From settlement mechanism to invoice issuance, Ripple meets the needs of cross-border payments.

Specifically, using Ripple products can meet the following business needs:

Open electronic invoice

International supply chain payment

Global Currency Account

Instant cash pool

International Bill Payment

Instant remittance and international P2P payment

Currently, more than 100 Financial Institutions globally have partnered with Ripple, including:

Santander (USA), Canadian Imperial Bank of Commerce (Canada), Kotak Mahindra Bank (India), Itaú Unibanco (Brazil), InstaReM (Singapore), LianLian (China), RAKBANK (United Arab Emirates), IFX (United Kingdom), Airwallex (Australia), SEB (Sweden), SBI Remit (Japan), Siam Commercial Bank (Thailand).

In addition, we have reported that Ripple's stablecoin RLUSD has been approved by the New York Department of Financial Services. It is worth looking forward to further integration with RippleNet.

(Ripple stablecoin RLUSD officially approved by the New York Department of Financial Services)

This article Amazon teamed up with Ripple? AWS on the official partner page to share how Ripple provides global cross-border payment solutions, first appeared in Chain News ABMedia.